Sprouts Farmers Market Raises Full-Year Outlook After Posting Higher 2Q Profit, Revenue

Dow Jones07-30

Sprouts Farmers Market increased its full-year outlook after posting higher profit and revenue in its second quarter.

U.S.-listed shares of the company rose 18% in premarket trading on Tuesday.

The Phoenix-based grocer now expects net sales growth between 9% and 10% in fiscal 2024, up from a prior projection of between 7% and 8%. It increased its same-store sales projection to between 4% and 5%, from between 2.5% and 3.5%.

The company on Monday reported a second-quarter profit of $95.3 million, or 94 cents a share, up from $67.3 million, or 65 cents a share, in the year-ago quarter. Analysts polled by FactSet expected per-share earnings of 79 cents.

The company didn't report adjusted earnings, as there were no adjustments due to special items in the quarter, it said.

Revenue rose 12% to $1.89 billion. Wall Street analysts expected revenue of $1.84 billion, according to FactSet.

Same-store sales increased 6.7%. The company opened five stores in the quarter, bringing its count to 419 stores across 23 states.

Chief Executive Jack Sinclair said customers are positively responding to the company's healthy product assortment and in-store experience.

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